The Excise and Taxation Department, Punjab has extended the Rahat Scheme earlier notified u/s 8-A of Punjab VAT Act, 2005, to all the retailers who are carrying on business anywhere in Punjab.
Rahat Scheme is a scheme for payment of lump sum tax by retailers who conduct their business only within State of Punjab and whose gross turnover is less than Rs. 1 Crore in a financial year.
Earlier the scheme was applicable only to a retailer who carries on his business in a place other than covered in any Corporation or Class I municipal town. However, now the scheme has been amended so as to include all municipal towns and class I towns. The new notification has deleted sub-clause (b) from clause 1. This sub-caluse (b) provided a condition that the person opting for such scheme should not conduct any business in any corporation or Class-1 municipal town.
The Tax slabs has also been changed
New tax slabs are as follows:
|
Serial No
|
Taxable turnover (excluding the tumover of goods covered under single
stage taxation)
|
Tax liability
|
|
1
|
Rs. 5 lac – Rs. l0 lac
|
Rs. 1000
|
|
2
|
Rs. l0 lac – Rs 25lac
|
Rs. 5000
|
|
3
|
Rs. 25 lac – Rs 50 lac
|
Rs. 10000
|
|
4
|
Rs. 50 lac - Rs. 75lac
|
Rs. 15000
|
|
5
|
Rs. 75 Lac - Rs. 1 Crore
|
Rs. 20000
|
Provided that no tax is payable by a person whose taxable
turnover is less than Rs. five Lac, who can obtain the “No tax liability
certificate” from the Department on payment of fifty rupees.
A new sub-clause 6 to clause 7 also provides that The lump sum tax and the tax slabs, shall remain un.changed
till the 3lst March, 2018, whereafter, the same would be increased at the rate
of five percent of the lump sum tax.
The full notification can be downloaded as follows:
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